The best approach would be the same as they did for TNG, with re-composited effects.
For TNG they improved the light passes a bit, and I guess they corrected small model defects.But it looks seamless and much better than 2000’s CGI.
For Star Wars it would look great and still have the 1977 feel.
It would still be an SE and not a theatrical release because the original effects are what make it theatrical.